David Brooks gives us a nice discussion on the recent history of Republican politics, laying out a case for what could be seen as its cracking up at this point. He argues that there used to be two strands of conservative thought between traditionalists and the market conservatives, that is, between those who saw an importance in communitarian politics and in tending to the general welfare of the nation as a whole as against those for whom libertarian thought dominated. He notes how the market conservatives won out, practically obliterating the communitarian conservatives, and thus alienating most Americans, since most Americans don't have the money and wealth that would make libertarian/Any Rand politics that attractive.
Of course, in so far as these communitarian conservatives also tended to push narrow, intolerant Christian ideas, it is perhaps not altogether bad that they have been weakened. On the other hand, it may be fair to say that there is at least one way in which our market conservatives have striven to stay in touch with the larger American population and the communitarian Republicans of old, and that is by pursuing stringent anti-abortion politics, which we might consider to be about the worst part of the old communitarian Republicans.
What Republicans have really been banking on, though, is the racial prejudice of poor, white Americans. In spite of their Wall Street policy program, Republicans have been counting on winning majorities by virtue of being the White Party with the Democrats being the Darkie Party, buttressed with some of that old fashion superstition by also being the Christian Party as opposed to the secular Democrats - hence the Republicans are the real Americans and the real patriots, while the Democrats are rather alien and even anti-American (a point further enhanced by having a black Democatic president named Barack Hussein Obama).
The main problem is that the Romney gang have been so blatantly plutocratic and thick-headed that they have been dropping a lot of support, despite their handy racism and faux-Chistianity.